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Bitcoin faces $16B in options expiries Friday
Deribit options expire at 08:00 UTC on Sept. 25, with calls about $9.6B of open interest and puts about $6.4B, as Bitcoin trades near $86,300.
Bitcoin options with roughly $16 billion in notional value are set to expire on Deribit at 08:00 UTC on Friday, Sept. 25, with calls accounting for about $9.6 billion of open interest and puts for about $6.4 billion, according to CryptoSlate. Bitcoin was trading near $86,300 heading into the settlement, after climbing above $85,000 earlier in the week, the outlet said. CryptoSlate added that two US economic releases and the expiry of CME's September Bitcoin futures arrive within seven hours, creating multiple scheduled catalysts in one trading day. In a note to CryptoSlate, Ledn co-founder Mauricio Di Bartolomeo described September's expiries as a two-act event, pointing to how quarterly option expirations previously supported flows through BlackRock's iShares Bitcoin Trust, IBIT. He said Bitcoin's rally through $80,000 pushed many expiring calls into the money, and dealer hedging demand for IBIT shares to stay covered helped pull spot demand through authorized participants. CryptoSlate also cited ByKaranteli's open-source gamma model, which it said places the largest call wall at $95,000 and the largest put wall at $60,000. With Bitcoin trading in the $86,000 area, the model reportedly positioned the market inside a stabilizing zone, while Deribit's DVOL index stood at 38.1 on Sept. 22 and at-the-money implied volatility was also 38.1%, with skew described as near neutral.
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